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WAV is probably the most common audio format next to MP3. The WAV format has been developed and maintained by Microsoft and IBM since its initial release in 1991. wav files are known for their large file size due to its uncompressed audio but high quality format.
$ ffmpeg -i input.wav -ab 320k output.mp3
The -ab here is audio bitrate. The higher the value the better the audio quality but it will result in a large file.
Converting one audio file to another is simple and convenient but a powerful tool. There are even people on http://fiverr.com (a quick gig freelancing website) who have had 100s of jobs solely on the basis of converting one audio file to another. You too now have that ability.
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Other conversions you might be interested in: